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PPT VISION Files Registration Statement for Stock Offering to Existing Shareholders
Datalogic USA, Inc. Posted 03/14/2002
MINNEAPOLIS, March 12 /PRNewswire-FirstCall/ -- PPT VISION, Inc. (Nasdaq: PPTV) announced today that it has filed a registration statement with the Securities and Exchange Commission in connection with a stock offering to its existing shareholders. The offering will consist of 2,800,000 Units, with each Unit consisting of one share of the Common Stock of the Company and one warrant to purchase an additional one-half share of Common Stock. The proposed offering will be made to shareholders of record as of March 22, 2002.
The terms of the Offering provide that each shareholder will be granted the right to purchase one Unit for every two shares of stock owned as of the record date. In addition, an Oversubscription Privilege has been included which allows shareholders to subscribe to an additional 100% of the rights exercised to the extent not exercised by other shareholders. The Offering also provides that each shareholder will have the right to purchase up to 1,000 Units regardless of the number of shares owned as of the record date.
Each warrant to purchase a full share of stock will be exercisable at $2.00 and will expire on June 30, 2003. The warrants will be redeemable by the Company for a nominal cost under certain circumstances. While the Company has not yet determined the Offering price, the Company has proposed an Offering price of $1.25 per Unit. The Company will finalize the price prior to mailing of the Prospectus to shareholders.
The Company 's largest shareholder, P. R. Peterson, and each of the other three non-employee directors of the Company have advised the Company that they intend to exercise in full their Rights to purchase Units in this offering. As of the record date, these directors owned a total of 1,342,607 shares and they will be granted Rights to purchase 671,304 Units. The Company intends to use the net proceeds for working capital associated with expanded sales and marketing, international distribution, research and product development and other general corporate purposes. The offering will commence after SEC Effectiveness of the Registration Statement and remain open for approximately four weeks.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
PPT VISION, Inc. designs, manufactures, markets, and integrates 2D and 3D machine vision-based automated inspection systems for manufacturing applications. Machine vision-based inspection systems enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes.
The Company's 2D machine vision product line is sold on a global basis to end-users, system integrators, and original equipment manufacturers (OEM's) primarily in the electronic and semiconductor component, automotive, medical device, and packaged goods industries. The Company's SpeedScan 3D™ sensor, incorporating the Company's patented high-speed Scanning Moire
Interferometry™ technology is sold to original equipment manufacturers for specific applications. The Company's PPT861™ 3D scanning system, which uses the Company's SpeedScan 3D sensor, is an application-specific inspection solution targeted at inspection of leaded and bumped components in the semiconductor back-end manufacturing process, inspection of surface-mount electronic connectors, and inspection of components used in hard disk drives. The Company's Common Stock trades on the Nasdaq National Market tier of The Nasdaq Stock Market under the symbol PPTV. For more information, please see the PPT VISION, Inc. web site at http://www.pptvision.com
Forward Looking Statements
The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements by their nature involve substantial risks and uncertainties as described by PPT VISION's periodic filings. Actual results may differ materially depending on a variety of factors, including, but not limited to the following: changes in worldwide general economic conditions, cyclicality of capital spending by customers, PPT VISION's ability to keep pace with technological developments and evolving industry standards, worldwide competition, and PPT VISION's ability to protect its existing intellectual property from challenges from third parties and other factors. Additional information with respect to the risks and uncertainties faced by PPT VISION may be found in the section 'Business' under the caption 'Important Factors Regarding Forward-Looking Statements' contained in its filing with the Securities and Exchange Commission on Form 10-K for the year ended October 31, 2001 and other reports filed with the Securities and Exchange Commission.